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February 26, 2001

Alcoa, Honeywell Sign $300 million ManageAbility Contract Further Enhancing Alcoa's Leading-Edge Alumina Refining Process

PHOENIX and PITTSBURGH--February 26, 2001-- Alcoa Inc. and Honeywell jointly announce a 10-year, $300 million agreement to implement the Honeywell Industrial Control ManageAbility™ program that extends the long-standing alliance between the two companies. The global program applies to seven Alcoa alumina-refining facilities.

The ManageAbility agreement represents an innovative partnership between Alcoa World Alumina and Honeywell that changes the typical automation business model. This unique approach accelerates and sustains the economic benefits of automation by providing unparalleled cooperation between the two partners, as demonstrated by the extent of the agreement. Expected results will improve process control and standardization of both equipment and processes across Alcoa World Alumina's refining network, reducing variability.

Alcoa World Alumina will standardize their automation solution using Honeywell's proven systems, software and business optimization services used to control the process of converting bauxite to alumina at Alcoa refineries. This commitment includes establishing support centers for the Americas and the Pacific.

"The 'marriage' of Alcoa's strong expertise in alumina refining with Honeywell's capabilities in automation will enable us to more rapidly implement new advance control opportunities," said John Sibly, President of Alcoa World Alumina - Atlantic. "This global initiative enables Alcoa to leverage the advantage of improved process control rapidly across our locations, resulting in improved productivity and reduced costs. It also allows us to better standardize our equipment and processes across the company's refining system."

"We are thrilled at the opportunity to take our relationship with Alcoa to a new level," said John Weber, President of Honeywell Industrial Control. "Our ManageAbility agreement delivers a full range of automation functionality and financial benefits that are measurable and directly tied to Alcoa's business metrics."

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It provides customers in the packaging, consumer, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. Alcoa has over 300 operating locations in 37 countries. Alcoa World Alumina, which is a global alliance between Alcoa and WMC, Ltd. of Australia, operates alumina refineries and bauxite mines in seven countries

Honeywell is a US$25-billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; power generation systems; specialty chemicals; fibers; plastics; and electronic and advanced materials. The company is a leading provider of software and solutions, and Internet e-hubs including MyPlant.com, MyFacilities.com and MyAircraft.com (joint venture with United Technologies, BFGoodrich and i2 Technologies). Honeywell employs approximately 120,000 people in 95 countries and is traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific stock exchanges. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index.

This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.

ManageAbility™ is a trademark of Honeywell International.